Last week’s blockchain and cryptocurrency news were like great tasting ice cream with a generous amount of hot fudge and nuts. A partnership between Ripple and Moneygram that would take on remittance to the much desired new level. And most importantly we have a traditional bank pivoting to add crypto-related services to its offerings.
What would a new level of the total computing speed mean for the Bitcoin mining community? A reversed downtrend.
Bitcoin as the largest digital currency is placed at that pedestal for several factors. One is the speed at which a computer completes an operation in the Bitcoin code which is called it’s hash rate. Last week, Bitcoin reached a new all-time new hash rate by securing up to 80 quintillions per second. This new hash rate is an indication of Bitcoin’s growth. Take a look at the hash rate charts here.
Anonymity For Security?
It appears major countries around the world are paying a closer attention to cryptocurrency. Across all government quarters, the pervading questing appears to be, “what does this mean for our country’s security?”
This question seems to have led the G7 countries as well as 8 other countries to work towards developing a system that would keep track of cryptocurrency transactions. The purpose, to avoid the unlawful use of cryptocurrency.
This would involve the collection and sharing of the personal data of everyone involved in cryptocurrency transactions.
A Blockchain-Based Virtual Reality
Media company Live Planet, announced its plan to release a first of its kind blockchain-based virtual reality network. The network would be used to host crypto and blockchain-related contents like podcasts, TV shows and Independent news coverage.
Prior to this, the company had been developing a blockchain-based media infrastructure called VideoCoin Network Technology. The blockchain-based virtual reality network would be built on it. Live Planet would also support streaming platforms like YouTube, Samsung VR and Oculus.
More Traditional Banks Embrace Crypto
US-based Quontic Bank has begun collaborating and doing business with cryptocurrency companies. This adds them to a growing but small percentage of banks in the United States and around the world doing business with cryptocurrency firms.
Quontic started taking steps in this direction a few weeks ago when they opened a checking account for a Bitcoin ATM. Today, however, there are only a few steps close to delivering banking services to another cryptocurrency startup.
Moneygram Partners With Ripple
Moving on, it appears there’s been a little more spotlight on the meeting point between cryptocurrency and traditional financial systems. A short while ago, Brad Garlinghouse, Ripple’s Chief Executive Officer, revealed that the Ripple network would be getting into diverse investment and networks.
Ripple appears to be walking the talk. On August 9, Ripple entered a $30 million partnership with remittance and payments giant, Moneygram. With Ripple’s Xrapid technology, Moneygram would be able to process faster and more seamless cross-border transactions.